Assisting business owners with customized solutions to meet their needs.

The McConkey Executive Benefits team assists our business owner clients with an array of needs including customized benefits to retain and reward top talent, recruit top-notch professionals, provide valuable income protection to key employees, as well as solutions for succession planning, insurance needs associated with the demands of the business, and personal insurance needs.

EXECUTIVE BONUS PLANS

  • Incentive plan using Life Insurance, offering key employees multiple benefits:
    • Tax-deferred life insurance policy cash value
    • Death benefit protection for named beneficiaries
    • Provides an additional source of future income
  • Helps top talent increase their savings for the future, while helping business owners reward and keep them for the long term
  • Employer contributions are tax-deductible

KEY PERSON INSURANCE

  • An efficient way to provide a business owner with the funds necessary to handle the untimely death of a key employee and recruit and train a replacement
  • Provides cost-effective liquidity to help the business function after losing a key employee
  • Provides access to cash values during the life of the policy that may be used for various business needs, including formally financing executive benefits programs
  • Low-cost term or permanent policies may provide significant death benefits

BUY/SELL AGREEMENTS

  • A blueprint for the planned and orderly transfer of a vested business interest
  • Buy/Sell agreements can be set up to cover multiple events, such as death, retirement/resignation/termination, disability, and others
  • Requires active funding; life insurance is the predominant funding vehicle

LINKED BENEFIT SOLUTIONS (LIFE INSURANCE/LTC)

  • Alternative LTC solutions linked to life insurance (fixed annuity options available also)
  • Provides guarantees that traditional LTC cannot:
    • Great leverage on assets
    • Premiums never increase
    • Benefits never decrease
    • Death benefit is available if policy not used for LTC
    • Some policies offer return of premium options
  • Good for business owners or as key employee benefits

LIFE INSURANCE WITH CHRONIC & TERMINAL ILLNESS PROTECTION

Many permanent (and some term) life insurance policies offer riders that will pay at least a portion of the benefits in the event of a qualifying chronic, critical, or terminal illness.

LIFE INSURANCE RETIREMENT PLAN (LIRP)

Some permanent life insurance policies can be structured to maximize cash value growth for the purpose of tax-free retirement income.

DISABILITY INSURANCE / INCOME REPLACEMENT

Disability is a key component of planning for business owners and can help with the following needs in addition to planning for employee benefits:

  • Executive Disability Carve-Out – for high income earners capped out on group disability plans, offers an additional discriminatory Guaranteed Issue benefit, usually employer paid
  • Overhead Expense – reimburses a business owner for business expenses incurred during a disability

Contact Information

CHRIS RICE, CFP®, CPA/PFS

EXECUTIVE BENEFITS & FINANCIAL SERVICES CONSULTANT
crice@ekmcconkey.com
717-900-1049
717-475-7351

Contact Chris

DENNIS LANKFORD, CLU, CHFC

SENIOR VICE PRESIDENT
dlankford@ekmcconkey.com
717-505-3135
717-515-4775 mobile

Contact Dennis